PAVA reports Q3 2008 ROE growth

By newsdesk • February 6, 2009

FOR IMMEDIATE RELEASE

Russia (PressReleasePlanet.com) February 6, 2009 - According to Q3 2008 results, OJSC PAVA demonstrated 69.7% growth of return on equity compared to the same period last year. This underscores the company’s sound financial policy as it remains steadfast on improving efficient use of its financial resources.

The growth was achieved not least due to the net earnings increase of 92.86% over the given period. To recap, the productivity enhancement measures included cost cutting and partial upgrade of the company’s production capacities. At the same time, the pricing environment of the flour market contributed to higher operational results.

“Now we are going through the preparatory stage of raising funds for the agricultural project. For all its huge potential, it is also important that the underlying financial performance is strong and that we keep up our pace regardless of the difficult environment. Increasing ROE, which is the obvious business value indicator, the company ensures higher profitability for shareholders”, says Sergey Balaenkov, PAVA Chief Financial Officer.

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